News Releases

Sep 29, 2010

Edgewater Announces Additional $5.2 Million Private Placement

Vancouver, British Columbia: George Salamis, President and CEO of Edgewater Exploration Ltd. ("Edgewater" or the "Company") (EDW: TSX-V), is pleased to announce that Edgewater intends to proceed with a non-brokered private placement financing consisting of 5,200,000 units at a price of $1.00 per unit for gross proceeds of $5,200,000. Each unit will consist of one common share and one half of one common share purchase warrant. Each whole common share purchase warrant shall be exercisable into one common share of Edgewater at $1.40 for a period of three years from the closing date. A cash finder's fee of 5.0% of the gross proceeds will be paid on this transaction. The private placement is subject to regulatory approval. The proceeds of the private placement will be used by the Company for expenditures on the Enchi Gold Project in Ghana, the Corcoesto Gold Project in Spain and for general working capital. Post closing of the private placement financing Edgewater will have 49.5 million common shares issued and outstanding and cash on hand of approximately $16,500,000.

About Edgewater Exploration Ltd.

Edgewater is a mineral exploration company focused principally on acquisitions, advancement and development of precious metal properties.

"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."